1796 $2 1/2 Stars MS62 NGC....

Description

Elusive 1796 BD-3 With Stars Quarter Eagle, MS62

1796 $2 1/2 Stars MS62 NGC.BD-3, R.5. This piece
shows soft detailing in the center of each side and there are a few
light adjustment marks located in the center of the reverse. Struck
from a slightly rough planchet; there are tiny planchet flecks out
of each side and pronounced die file marks are seen above and
through the tops of S(TATE)S. Rich reddish-orange patina covers
each side of this attractive coin with bright, semiprooflike fields
apparent (especially so on the reverse).
Die State. A faint die crack connects all stars on the left
with LIBE. Short cracks or die lines join stars 3, 5, and 7 to the
border. The reverse has a short die crack from the right arm of the
first T in STATES to the right base of that letter. Parallel lines
through TATE are constant in all die states.
Condition Census. This piece is one of just half a dozen or so
Mint State specimens.
Appearances. Plated in the 1982 Eliasberg catalog, the 1999
Bowers and Merena catalog, and our 2005 FUN catalog.
Obverse Die. Sixteen stars are arranged point to point. This
unusual arrangement is similar to the orientation on 1794 silver
dollars but on no other early U.S. coins. Serif of the 1 is very
close to the hair curl, bottom of the 7 almost touches the right
side of a dentil, and the top of the 6 overlaps the drapery. In
LIBERTY, IBE are more closely spaced than other letters, the L is
slightly low, and the Y is high and leans right. Eight stars to the
left and eight to the right. Stars 11, 12, 13, and 14 are more
widely spaced than others. A long triangular dentil is positioned
over the center of the T.State a. Lightly cracked through all stars at the left, to
the tops of LIBE. State b. Lapped die with the hair curls
shortened. Stars 3 and 5 are connected to dentils by short die
cracks. State c. Heavier obverse cracks with clash marks
through the date and lower right stars. A partially bisecting crack
from the upright of B extends through the cap and into the hair
curls. State d. Extremely heavy clash marks in the
fields.
Reverse Die.Several prominent die scratches extend through
the tops of TATE with one through the middle of that A. The
legend is well-spaced with most letters distant from the border.
The lower right curve of the D joins the fourth feather. AT are
high, the final S touches a cloud, and the F touches a cloud. The
final A is close to the claw and stem, touching neither. The branch
has four berries and the top berry is merged with the upper edge of
the leaf below R. The lowest of eight arrows is below the space
between U and N, and the longest arrow is below the right foot of
the left base of N. Sixteen stars appear to have been placed at
random. A star at the right has two points merged with the top of
the wing. A double dentil is found below the left side of the
eagle's tail.State a. Perfect. State b. Prominent clash marks.
Heritage Commentary. While the No Stars design of 1796 is the
higher visibility coin with its one-year type design, the With
Stars variant is actually considerably rarer. Less than half as
many With Stars were struck as No Stars (432 vs. 963 pieces), and
since the With Stars has the same design type as the successive
years through 1807, it is an overlooked issue among early quarter
eagles. The estimates of the number of survivors range from as few
as 20 to 25 coins (Akers) to a high of 30 (Breen). Virtually all
are in the VF-XF grade range. Most show central striking weakness,
and adjustment marks are prevalent.

Today, most numismatists accept the January 14, 1797 delivery of
432 coins as the mintage for this variety. The current estimated
surviving population of each of the first three quarter eagle
varieties is almost exactly 10% of the first three deliveries.
Either five or six examples of BD-1 are known, nearly 10% of the 66
coins delivered on September 21, 1796. Approximately 90 examples of
BD-2 are known, almost exactly 10% of the 897 coins delivered on
December 8, 1796. Finally, about 40 examples of this BD-3 die
variety are known, about 10% of the 432 coins delivered on January
14, 1797.
Consignor Commentary. I have owned several other examples of
this variety. In 2005 I had a nice XF/AU example that I liked and
was not looking to upgrade. I was at FUN and Stu urged me to look
at this coin in lot viewing. I was skeptical, but finally looked at
it. For the dimes, I was interested in competing for the best known
of any moderately rare variety. I had no such ambition for the
quarter eagles--and I could not have funded such an ambition if I
had it. Even so, when I saw this coin, I knew it would be a great
upgrade for my collection--and that it would be very special to own
a Choice Uncirculated gold rarity from the Eliasberg Collection. I
understood that the 1796 With Stars is much rarer the 1796 No Stars
(BD-2). Because of Stu's guidance, I looked at the coin and it
became a high profile addition to the collection.
Provenance.Spedding Sale (S.H. & H. Chapman, 12/1894);
J.H. Clapp; Clapp Estate (1942); Louis E. Eliasberg, Sr. (Bowers
and Ruddy, 10/1982), lot 80; Long Beach Connoisseur Collection;
Bowers and Merena (8/1999), lot 337; Heritage (1/2005), lot
8761.
From The Ed Price Collection.(Registry
values: P10) (NGC ID# 25F3, PCGS# 7647)